Still making higher lows

Despite trading strongly higher after the open, the market could not hold those gains and rolled back over soon after. Price continues to make higher lows so far though, holding above last Friday's low for now as well as last week's low. Therefore, until at least one of those support levels is taken out (starting with 2433.50 SPX), then the blue count still has a shot at reaching 2458 SPX as wave 5 of the ending diagonal wave v of (iii).

Otherwise, below 2433.50 SPX and below last week's low would put the red count in control, confirming a corrective bounce off last week's low and suggesting more near-term downside back to at least the June 9th low.

$SPX - Intraday - Jun-26 1231 PM (15 min)
$SPX - Intraday - Jun-26 1231 PM (15 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.